In a research note published on September 27, the analyst mentions that in terms of protecting the position for the company in the overall industry growth story established upon the infrastructure growth in oil, natural gas and natural gas liquids to support production of shale, the presentations by ONEOK Partners LP (NYSE: OKS) and ONEOK Inc (NYSE: OKE) were on target.
In addition to this, looking for spending over $6 billion through 2015 on further NGL and oil-based projects, OKE has been the quicker grower, particularly in natural gas liquids. The models have also been incorporated and the updated guidance of approaching year provided by the company for the analyst day is greatly in line with the estimates. For OKS, EPS of 2013 has been marginally trimmed from $2.76 to $2.25.
On the basis of augmented commitment on the long term distribution growth from ONEOK Partners LP, target price for ONEOK Inc has been raised from $46 to $49, even though reiteration of HOLD rating is done. Moreover, reiteration of both HOLD rating and target price of $62 for ONEOK Partners LP is done. To the liquids price differential of Conway-Gulf Coast, where new capacity is coming online in 2012 to 2013, both OKE and OKS are notably exposed. Also, in an environment of low and less volatile natural gas prices, risk in the OKE gas marketing business is also observed, the analyst adds further.
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